Guideline Value for VIVEKANANDA NAGAR ANNEX III

Vivekananda Nagar Annex III guideline value

The current guideline value of Vivekananda Nagar Annex III is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Special Type - III.

How the guideline value of Vivekananda Nagar Annex III has changed

Over the years, the guideline value for Vivekananda Nagar Annex III has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 2,010 per sq.ft. The value remained at Rs 3,000 per sq.ft in 2012. The 2023 revision increased the guideline value to Rs 3,000 per sq.ft, and the most recent 2024 revision raised it to Rs 3,300 per sq.ft, marking a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median value for these streets is Rs 2,500 per sq.ft, placing Vivekananda Nagar Annex III's 2024 figure above that median.

• Vivekananda Nagar Annex: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Annex II: Rs 3,300 per sq.ft (2024)
• Vivekanantha Nagar Extension: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Vivekananda Nagar Annex III

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vivekananda Nagar Annex III?

The Vivekananda Nagar Annex III area is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Korattur

The guideline value plays a crucial role in the registration process of property transactions in Korattur. It is used to calculate the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value serves as a baseline for determining the official value of the property. This ensures that the transaction is recorded accurately and that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Vivekananda Nagar Annex III?

The current guideline value of Vivekananda Nagar Annex III is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most recent increase being from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, a 10% increase. The overall change from 2012 to 2024 is an increase of 10%.

What is the land classification for Vivekananda Nagar Annex III?

The land classification for Vivekananda Nagar Annex III is Residential Special Type - III, which indicates its designated use for residential purposes.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Vivekananda Nagar Annex III?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a 1,000 sq.ft plot with a guideline value of Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.